美国商会-中美欧贸易发展趋势分析（英文）-2021.4-192页_4mb

Summary of The Transatlantic Economy 2021

Core Content

The Transatlantic Economy 2021 is an annual survey that provides a comprehensive overview of the economic ties between the United States and Europe, focusing on jobs, trade, and investment. The report highlights the deep integration and mutual reliance between the two regions, despite political uncertainties and the impact of the pandemic.

Key Findings

• The transatlantic economy is the largest and wealthiest in the world, generating $6.2 trillion in total commercial sales annually and employing up to 16 million workers in mutually "onshored" jobs.
• It accounts for half of total global personal consumption and one-third of world GDP in terms of purchasing power.
• Mutual investment is a key driver of the transatlantic economy, far exceeding trade in volume and significance.

Main Points

Investment

• Mutual investment is the backbone of the transatlantic economy, with the U.S. and Europe being each other's primary source and destination for foreign direct investment (FDI).
• In 2019, 64% of global FDI into the U.S. came from Europe, and 60% of U.S. global FDI went to Europe.
• The U.S. FDI stock in Europe reached $3.6 trillion in 2019, which is 60% of total U.S. global investment and almost four times U.S. investment in the Asia-Pacific region.
• In 2020, due to the pandemic, U.S. FDI flows to Europe dropped significantly, but the report expects a rebound in 2021.

Trade

• In 2020, U.S. goods exports to the EU and UK totaled $291 billion, while imports from the EU and UK were $466 billion.
• The U.S. and Europe are each other's largest export markets, with U.S. exports to Europe being more than double those to China.
• Intra-firm trade accounts for a large portion of transatlantic trade, with 63% of U.S. imports from the EU being intra-firm trade, compared to 37% from Asia-Pacific.
• Ireland, the Netherlands, and Germany had particularly high intra-firm trade percentages.

Services Trade

• The U.S. and Europe are the two leading services economies globally.
• In 2019, 39% of U.S. services exports and 42% of U.S. services imports were to/from Europe.
• Digitally-enabled services dominate transatlantic trade, accounting for 59% of U.S. services exports, 50% of U.S. services imports, and 76% of the U.S. global services trade surplus.
• The U.S. had a $219.9 billion trade surplus in digitally-enabled services with the world, with Europe as its main partner.
• In 2019, the EU27 exported €1.1 trillion in digitally-enabled services and imported €1.1 trillion as well, resulting in a €37 billion deficit when excluding intra-EU trade.
• The UK, Ireland, Germany, and the Netherlands were the top European exporters of digitally-enabled services to the U.S.

Jobs

• U.S. and European foreign affiliates directly employed 9.9 million workers in 2019.
• 4.9 million U.S. workers were employed by U.S. companies in Europe, and 5 million European workers by European companies in the U.S.
• European companies in the U.S. are the largest source of onshored jobs in America, and U.S. companies in Europe are the largest source of onshored jobs in Europe.
• Ireland has become the number one export platform for U.S. affiliates globally, with exports reaching $351 billion in 2018.

Key Statistics

• Total U.S. FDI in Europe (2019): $3.6 trillion
• U.S. FDI outflows to Europe (2019): $47 billion (due to repatriations and divestments)
• U.S. FDI outflows to Europe (2020): $55 billion
• U.S. FDI inflows from Europe (2020): $81 billion
• U.S. goods exports to EU + UK (2020): $291 billion
• U.S. goods imports from EU + UK (2020): $466 billion
• U.S. services exports to Europe (2019): $345 billion
• U.S. services imports from Europe (2019): $245 billion
• U.S. affiliate services sales in Europe (2019): $968 billion
• U.S. affiliate services sales in Europe (2018): $938 billion
• U.S. affiliate R&D in Europe (2018): $33 billion
• European affiliate R&D in the U.S. (2018): $45 billion

Conclusion

The transatlantic economy remains a critical pillar of global commerce, driven by mutual investment, deep integration, and strong trade and services linkages. Despite the challenges posed by the pandemic and political tensions, the economic relationship between the U.S. and Europe continues to be robust and resilient.